CGI Group has announced plans to buy back 5, 940, 000 shares of the Montreal-based company’s Class A common stock for cancellation from the open market by Feb. 10, 2016.
The Toronto Stock Exchange authorized CGI to use a normal course issuer bid strategy to purchase its outstanding shares through private agreements, the company said Monday.
Such an agreement allows the company to acquire stocks from third-party holders at a discounted value of the prevailing market price on TSX at the time of purchase.
The company had acquired approximately 342, 000 Class A subordinate voting shares as of May 22 under its NCIB program.
